Business briefs

National Australia Bank
’s online arm, Ubank, has followed the lead of its parent by failing to pass on the Reserve Bank of Australia’s interest rate cut in full. Ubank said on Friday that its standard variable rate for refinance loans would be cut by 0.2 of a percentage point to 6.59 per cent. In addition, the first 1000 eligible customers will get an extra discount of 0.2 of a percentage point. The RBA cut rates by 0.25 of a percentage point on Tuesday, but NAB angered customers by dropping its rates by 0.2 of a percentage point only. George Liondis

Suncorp
is outsourcing 29 full-time back-office jobs and 20 back-office contractor positions to India-based WNS Holdings. It has also announced plans to create 110 full-time jobs in its insurance division to deal with an anticipated rise in volumes. A Suncorp spokesman said the 29 permanent employees would be found other jobs within the company. The Finance Sector Union claimed “it was just the beginning of a large-scale exodus by Suncorp". Duncan Hughes

New
Bank of Queensland
chief executive Stuart Grimshaw will be paid a fixed annual salary of $1.25 million, but he will have the opportunity to significantly increase this if performance hurdles are met. BoQ will pay Mr Grimshaw up to 160 per cent of his fixed salary as short-term incentives depending on the bank’s performance. He can also earn another $1 million in long-term incentive payments depending on the bank’s performance over three years. Former boss
David Liddy
, who retired in August, took home $3.7 million in 2011. He leaves the bank with 175,072 performance awards rights. George Liondis